Pfingsten Sells Omega Systems to Revelstoke
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Pfingsten Sells Omega Systems to Revelstoke

The buy of Omega is the eighth investment for Revelstoke's $1.7 billion third fund which closed in August 2023

Omega Systems specializes in 24/7 IT support, cybersecurity, compliance, multi-cloud connectivity, disaster recovery, and network monitoring services. Many of the company’s customers are small and medium-sized businesses that are active in the financial services, healthcare, manufacturing, and local government sectors.

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Pfingsten has sold Omega Systems, a provider of managed IT services and cybersecurity services, to Revelstoke Capital Partners.

Omega Systems (Omega) specializes in 24/7 IT support, cybersecurity, compliance, multi-cloud connectivity, disaster recovery, and network monitoring services. Many of the company’s customers are small and medium-sized businesses that are active in the financial services, healthcare, manufacturing, and local government sectors.

Omega, led by CEO Mike Fuhrman, was founded in 2002 by Bill Kiritsis and is headquartered 60 miles northwest of Philadelphia in Reading, Pennsylvania.

Pfingsten acquired Omega in February 2021 through its fifth fund in partnership with the company’s founder. During its ownership term, Pfingsten closed four add-on acquisitions with the buys of New Jersey-based ACE IT Solutions (April 2022), New Jersey-based PICS ITech (August 2022), Connecticut-based TNS Group (January 2023), and Connecticut-based Amnet Systems (June 2024).

The combination of these add-on acquisitions, new customers, and new service offerings grew Omega’s revenue at a 40% CAGR over Pfingsten’s nearly four-year hold resulting in a tripling in size of the business.

“Pfingsten’s unwavering support and strategic guidance enabled our team to accelerate growth,” said Mr. Fuhrman. “We are extremely proud of our collective accomplishments and excited for the next chapter.”

“The Omega team did an outstanding job driving organic growth by launching new service offerings, securing new customer wins, and integrating multiple strategic acquisitions,” said Phil Bronsteatter, a managing director at Pfingsten. “We believe Omega has a differentiated service offering to address changing market demands and wish Mike and the Omega team continued success under the stewardship of its new partner.”

The buy of Omega is the eighth investment for Revelstoke Capital Partners Fund III LP which closed in August 2023 with an above target $1.7 billion of capital.

“We have been targeting the IT MSP / MSSP sector for investment and were attracted to Omega’s differentiated capabilities, customer retention, and strong recurring revenue growth,” said Andrew Welch, a partner at Revelstoke. “Our plan is to build upon Omega’s existing infrastructure and capabilities and make additional investments to accelerate growth.” Editor’s Note: IT MSP stands for Managed Service Provider and MSSP stands for Managed Security Service Provider.

Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA. Sectors of interest include healthcare services and healthcare technology. Since founding in 2013, the Denver-based firm has completed 193 acquisitions, which include 29 platform companies and 164 add-on acquisitions.

Chicago-based Pfingsten invests in middle-market manufacturing, distribution, and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. In October 2023, the firm held an above target, oversubscribed, and hard cap close of its sixth investment fund, Pfingsten Fund VI LP, with $435 million in capital.

Harris Williams was the financial advisor for Omega and Q Advisors advised Revelstoke.

© 2025 Private Equity Professional | January 21, 2025

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